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Container Tracking market Size
The growing volume of international trade and the process of globalization have significantly impacted various aspects of the global economy.
WILMINGTON, NEW CASTLE, DE, UNITED STATES, December 2, 2024 /EINPresswire / -- According to a new report published by Allied Market Research, titled,“Container Tracking Market ," The container tracking
industry was valued at $10.1 billion in 2022, and is anticipated to garner $21.6 billion by 2032, growing at a CAGR of 8.2% from 2023 to 2032.
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The container tracking market all over the world involves the integration of technology to monitor the location and status of shipping containers throughout their journey from origin to destination. This technological breakthrough often helps companies anticipate any disruption in the supply chain and avoid delays in cargo handling. Further, sophisticated container tracking technology has numerous benefits, including reduced late fees and penalties - most notably detention and demurrage charges – providing precision on delays, and commencing up more time to serve customers. In addition, this system usually monitors shipping containers by utilizing technology, such as GPS, radio frequency identification (RFID), and satellite communications. Thus, better management of container logistics through container tracking systems can help reduce costs, optimize shipping routes, ensure compliance with regulatory and customs requirements, and enhance overall efficiency in the supply chain.
Container tracking systems often gain wider traction in the maritime industry, where this solution has become an essential tool for managing the movement of goods across the globe. Also, maritime companies utilize container tracking data for voyage planning and optimization. This has increased worldwide demand for sophisticated logistics management solutions, offering various benefits to shipping companies, port operators, and other stakeholders involved in the global movement of goods.
Due to awareness among end-users now to use more advanced technologies, vendors and industry stakeholders are making constant efforts to promote advancements in tracking technologies. These include the Internet of Things (IoT), radio-frequency identification (RFID), and GPS, which have improved the accuracy and capabilities of container tracking solutions. This has increased worldwide growth prospects for the container tracking market .
Moreover, a lot of new evolving technologies are being developed to meet the rising needs of the container tracking industry. For instance, container tracking is now equipped with connected sensors that enable frequent communication between the unit and the central system, offering real-time data on the container's location and status. These sensors might be integrated with drones and autonomous vehicles for monitoring in large ports, reducing human intervention. Simultaneously, the implementation of 5G technology also enables high-speed connectivity, providing faster and more consistent data transfers between containers and remote stations. Thus, the integration of cutting-edge technologies is revolutionizing the approach to container monitoring, offering manifold benefits to stakeholders such as improved visibility, increased operational efficiency, and cost reduction, among others. This will improve performance all around the tracking systems, increasing growth in the market too.
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In addition, with an increasing number of end-users shifting towards smart containers, tracking solution developers have placed their focus on developing reef container tracking systems. For instance, in February 2022, CMA CGM introduced SMART reef container, a digital solution for tracking the status and position of refrigerated goods. This solution aids customers to be more preemptive in the transport process and ensures that reefer boxes travel in optimal conditions, through an online interface that is updated in real-time. The platform has also the ability to set up notifications that can be shared with partners, to detect possible anomalies and deploy corrective measures for the reduction of operating costs.
However, the big limiting factor for this market growth may be the upfront costs of implementing container tracking systems. The high upfront cost includes the purchase of hardware, software, and integration with existing systems. For even small and middle-sized businesses, it can be costly to buy and set up a tracking system. In some areas, like places with growing economies, the growth of the container tracking market might be slowed because there is not enough infrastructure. Also, the growth of markets might be slowed down due to the complex integration of container tracking systems with existing enterprise resource planning (ERP) systems and other logistics management software, leading to disruptions in supply chain operations.
Furthermore, Asia-Pacific is growing fast. This implies that there is a growing need for infrastructure development projects, including the expansion and modernization of ports and transportation networks, contributing to the growth of the container tracking industry . Also, the expansion of the e-commerce sector and the need for better ways to improve supply chain visibility have made this market grow even more. In addition, the competitive landscape in Asia-Pacific encourages innovation and the adoption of cutting-edge technologies, which fuels the growth of the market in this region.
Asia-Pacific to maintain its dominance by 2032
By region, the Asia-Pacific region held the highest market share in 2022, growing a CAGR of 9.9% owing to the robust growth in e-commerce operations, along with industry upgrading through supply chains going global. Moreover, the strict implementation of regulations related to cargo security and transparency has driven the adoption of advanced container tracking in the Asia-Pacific region. However, Asia-Pacific is also expected to witness the highest CAGR throughout the forecast period 2022-2032, the ongoing developments and improvements in port infrastructure in countries such as India, Singapore, Malaysia, and Vietnam, are crucial for efficient container handling, which is further paving the adoption of container tracking systems.
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Leading Market Players: -
CMA CGM
COSCO
GoComet
Hanjin Logistics Corporation
Hapag-Lloyd AG
INTTRA
Maersk
Orient Overseas Container Line Limited
Project44
SeaRates
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David Correa
Allied Market Research
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